Preparing Closing Journal Entries Selected financial information from General Mills as of May 29, 2016 follows. $ millions Debit Credit Net sales $16,563.1 Cost of sales $10,733.6 Selling, general, & administrative expense & other 3,073.1 Interest expense, net 303.8 Income tax expense 755.2 Retained earnings 11.990.8 Assume the company has not yet closed any accounts to retained earnings. Prepare journal entries to close the temporary accounts above. Set up the needed T-accounts, and post the closing entries. After these entries are posted, what is the balance of the retained earnings account (enter balance is T-account). General Journal Date Description Debit Credit 29-May Net sales 16563.1 Retained earnings 0 16563.1 To close the revenue account. 29-May Retained earnings 11990.8 Cost of sales 10783,6 SG&A expense and other 3073.1 Interest expense, net 303.8 Income tax expense To close the expense accounts. 0 0 0 0 0 755.2 Net Sales 16563.1 16.563.1 Bal 0 0 Bal. Retained Earnings 11,990.8 11.990.8 Bal. Bal. Cost of Sales 10,733.6 10733.6 Bal. Bal. 0 0 SG&A Expense 3,073.1 3073.1 Bal. Bal. 0 0 Interest Expense, net 303.8 303.8 Bal. Bal. 0 0 Income Tax Expense 755.2 755.2 Bal. Bal. 0 0